Please see photo of contract.
What’s the MSRP on the car, $33,645?
What lease did you turn in?
Not a bad deal, given the current situation. Enjoy the car!
33,885MSRP
Didn’t trade anything in or own a Honda.
Gotcha, I was wondering what “Lease Turn In” on Line 5.A.(10) was but missed the “N/A.” There’s a $1,000 incentive for Honda loyalty for those who qualify.
Looks like a solid deal to me – 8% off MSRP, buy rate (.00066), and no F&I products. Congrats on the new car!
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Awesome! Thank you!!
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Here’s your calculator.
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I have been shopping the hybrid Honda touring and after seeing these numbers I believe the numbers I’m getting for a hybrid touring are looking quite presentable at the moment.
The last 2 set of numbers I received did include equity from my current honda along with loyalty but I also have 7 payments they were “absorbing” as well.
Last deal for the touring I was quoted was:
36/10k
$1000 loyalty
$1800 equity with 7 months of payments left over
$2000 out of pocket
$329 a month.
59% rv
0.00066 MF
37,800 msrp
35500 selling price.
Reason I’m hesitant to do any deal is because I’m pushing very hard for at least 10% off which I have seen a handful of people here receive until then I’m on hold.
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So is there positive equity in your old Honda or not? If so then they’re not eating the 7 remaining payments.
There is positive equity in my honda. Both dealerships came in with approximately $2k in equity. And I know the other equity is going towards the remaining payments I owe.
Funny thing is someone recently posted a deal and in the deal traded in their car at the dealership and received over $5,000 in equity to put down towards the new lease but also had a years worth of payments left. How that was even possible is beyond my comprehension.
My equity is worth nearly 3x that when I got quoted at carmax just 2 days ago which I received my highest quote yet at $27,000. Enterprise offered me 26k about 2 weeks ago. I’m finding it hard to find my next lease, I have come as far as just getting the buyout and jumping into a cheap simple lease and holding onto the equity profits until inventory starts to build and leasing prices get better.
Equity is the value given to your old car above the amount required to pay off your old lease right now. There is no making your final 7 payments. You are better off getting a check for the $2k in equity and then negotiating your new lease numbers separately.
You have a fundamental misunderstanding of what is going on when your lease is bought out.
The payoff is the price paid to terminate the lease contract and purchase the vehicle. When it’s bought out, the lease ceases to exist. There are no more payments.
Any equity you have is the delta between the payoff to make the lease disappear and the current value of the vehicle.
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I know when it’s bought out that any money remaining above the payoff is mine, hence equity.
Well if I’m just going to receive a check for 2k from the dealership then I might as well grab a check for the equity of 5k-7k from the other guys like carmax or carvana and take 2k from that pile and keep a few thousand bucks for me.
Can you guys take this convo elsewhere? Like to keep on topic here. Thanks
Which dealership is this? Looking to lease 2021 Accord EXL myself.